1️⃣ Break through mentioned green box on chart
Easiest way for BTC to break These bearishtrendlines is to break through trendlines cross ( Pink and Green ).
By the way there is another bearish trendline ( purple ) which formed cause of recent rejection at resistance line…
So for better impact it’s good for BTC to retest pennants lower line one more time !
However MACD is trying to have a bullish crossover.
If BTC try to break through mentioned point, then it will pass 3 resistances at once;
2 bearishtrendlines and a resistance zone ….
As you can see, There are many resistances formed at current level above movement.
Also it’s harder for BTC to break them in split points with current volume !
So now let’s talk about factors that can make BTC’s bearish phase possible;
TSI is trying to make bullish crossover, But if BTC rejects current level, Then TSI will have one more dive before minor recovery..
Cause last high TSI was recorded around +44 and now TSI is -26, So there will be enough space for another rejection !
On BTC’s Dominance overview :
If current level ( 52% ) rejects to hold the dominance, Then it will fall immediately to lower support zones ( 50% & 45% ).
📚 If dominance fails to recover one more time, Then it might cause a crash on market with another minor dip !
We talked about possible directions, Now let’s talk about the possible high and possible low for next days :
There are two located GAP for on CME chart.
– If BTC breaks located resistances; Then 62K retest level will be confirmed..
– If BTC Rejects pennant and support zone ; Then 54K retest is confirmed..
📌 These Prices are for CME chart; We would see different result in Exchanges
🔴 If BTC breaks above $56,500, the pair could rally to the 20-EMA , which is again likely to act as a resistance.
If the price turns down from that level, the pair could retest $53,000 and then $50,460.
The down sloping MAs and the RSI near the overbought territory show the bears have the upper hand.
📍 There is one more barrier for Bulls, There is a order block before BTC’s wick candle;
That zone can be another reversal point for BTC’s progress to fill the GAP !!
Attention: this isn’t financial advice we are just trying to help people on their own vision.
Have a good day!